Women are less scared of business failure than men, a far-reaching report into the potential of entrepreneurs has revealed.

They do not fear failure as much as their male counterparts and 74% believe they have the skills and talent to set up their own business.

The business battle of the sexes has become much more balanced over the last decade with female entrepreneurs entering the market and scoring corporate success.

Only 22.6% of women listed fear of failure as a barrier to starting up a business compared to 26.9% of men in the Amway European Entrepreneurship Report 2012.

More men than women are likely to go it alone in business but the gap is only two per cent and, significantly, the motivating factor of fitting work around family life is equal in both men and women.

But the annual report, which is commissioned to spot trends and examine ways of unlocking entrepreneurial potential, also discovered that women still believe that commerce, funding and finance are weighted against them.

They have a lower confidence when it comes to dealing with administration, economic know-how and believe there is a lack of advice specifically geared to them.

"We have already seen women breaking down the barriers that existed in business and making a huge contribution in terms of ideas and the drive to make them work," said Andy Goldstein, director of the Entrepreneurship Centre at Munich's Ludwig-Maximilians University.

"The research shows that they have the courage of their convictions and do not see personal failure in quite the same way as men. If they have an idea they are prepared to run with it and this is something the UK and the rest of Europe must harness.

"It is clear that the bureaucracy around business which impacts those first crucial steps can be daunting for women so we must make them easy for anybody with a good business idea."

The UK has almost 700,000 women-led small and medium sized businesses, which contribute £50 billion annually to the economy, but the government believes the figure could be doubled. Home Secretary Theresa May last year launched a £2 million scheme to provide mentoring help for female entrepreneurs.

The lack of start-up capital is the main obstacle to new business with 57% citing the difficulty to gain financial support as a reason why they would not pursue a commercial idea.

Uncertain economic conditions were preventing 44% of people taking the plunge, the study added.

"Strengthening entrepreneurship contributes to economic growth and wealth but we need to do more to tap its full potential," said Michael Meissner, Vice President Corporate Affairs, Amway Europe. "We need to encourage people to follow their businessaspirationsand reduce the bureaucracy and lack of support that holds them back."

Amway European Entrepreneurship Report 2012

Fieldwork: May - June 2012

Sample: 17,768 women and men aged 14+ (representative target group of the countries' populations)